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Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was the annual interest rate? Round your answer to tw…

Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was the annual interest rate? Round your answer to tw…
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Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was the annual interest rate? Round your answer to two decimal places.

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User Hugh Lin
by
7.9k points

1 Answer

4 votes

Answer:

6.25%

Explanation:

answered
User Mantler
by
9.1k points
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